London trade union LiUNA Local 1059 had a problem – they needed a new space for administrative offices and training facilities. At the same time, they had to sell two pieces of property to make it happen.
But the London market was proving difficult. Logistics and distribution had revitalized the industrial market, leading to an economic resurgence that limited options and increased competition.
They needed a real estate professional with unmatched relationships with potential buyers and the ability to handle multiple transactions on a tight deadline.
Solution & Outcome
LiUNA partnered with CBRE’s Glen Larocque in July of 2019, and he wasted no time getting started.
CBRE immediately identified a 96,024 sq. ft. office that posed unique challenges to many but was a great opportunity for LiUNA. Extensive renovations were needed, which could easily be addressed by a trade union more than capable of handling major building work. The sale closed on August 2.
Meanwhile, CBRE needed to find a buyer for LiUNA’s existing 40,000 sq. ft. space. Bristol Sinks Inc. didn’t require the whole space. With the market tightening, they realized control of their real estate as owner-users while renting the excess space for additional cash flow. The properties were in excellent condition, thanks to recent renovation, and the sale closed quickly on August 21.
CBRE’s awareness of changing market dynamics combined with the ability to match clients to real estate produced amazing results for multiple clients in less than two months. The smooth proceedings were a demonstration of what real estate services can accomplish with the application of in-depth local knowledge and global best practices.